September 17, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The local bourse succumbed to a 0.39 percent loss in the opening session of the trading-week and closed at 32,201.98 points, partially offsetting Friday’s gains, as investors sold off on banking and consumer goods large-cap counters.
Cordros reports that following this trend, the Month-to-Date and Year-to-Date losses increased to 7.59 percent and 15.80 percent respectively.
According to the report, the Consumer Goods index with a loss of -0.81 percent recorded the largest decline, owing to a selloffs in the shares of beverage producer,, Nestle Nigeria Plc which lost by -1.46 percent.
The Insurance and Banking indices declined -0.61 percent and -0.55 percent apiece, on the back of losses in the shares of Royal Exchange Assurance Plc and Guaranty Trust Bank Plc; both down by -8.70 percent and -2.30 percent each.
On the flip side, the Oil & Gas index appreciated by +0.33 percent and posted a positive return, following a price increase in the shares of oil marketer, Forte Oil Plc with a gain of +8.57 percent. The Industrial Goods index closed flat.
The Cordros update says market breadth was negative with 23 losers and 18 gainers posted, led by beer producer, Champion Breweries Plc and C & I Leasing Plc, both dipped -10.00 percent and -8.62 percent respectively.
Total volume and value of trades dropped by 36.29 percent and 54.53 percent to 160.67 million units and N2.15 billion respectively and exchanged in 2,935 deals.
“Our outlook for equities in the near to medium term remains conservative, in the absence of a near term one-off positive catalyst; and more so, amidst political uncertainty ahead of the upcoming general elections. However, stable macroeconomic fundamentals remain supportive of recovery in the long term,” the Cordros update affirmed.
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